US

Wanted Taiwanese fugitive dies in car accident in California

  • FILE - In this file photo from Jan. 16, 2007, a pedestrian passes by a branch of The Chinese Bank, a subsidiary of the financially troubled Rebar Asia Pacific Group in Taipei, Taiwan. Taiwan's foreign ministry has confirmed a report that a former tycoon a founder of the Rebar Asia Pacific Group Wang You-theng wanted on allegations of embezzlement and fraud was killed in a car accident in California. He had been hiding for years in the United States. (AP Photo/Wally Santana, FIle )

    FILE - In this file photo from Jan. 16, 2007, a pedestrian passes by a branch of The Chinese Bank, a subsidiary of the financially troubled Rebar Asia Pacific Group in Taipei, Taiwan. Taiwan's foreign ministry has confirmed a report that a former tycoon a founder of the Rebar Asia Pacific Group Wang You-theng wanted on allegations of embezzlement and fraud was killed in a car accident in California. He had been hiding for years in the United States. (AP Photo/Wally Santana, FIle )  (The Associated Press)

  • FILE - In this file photo from Jan. 16, 2007, motorcyclists pass by a branch of The Chinese Bank, a subsidiary of the financially troubled Rebar Asia Pacific Group in Taipei, Taiwan. Taiwan's foreign ministry has confirmed a report that a former tycoon a founder of the Rebar Asia Pacific Group Wang You-theng wanted on allegations of embezzlement and fraud was killed in a car accident in California. He had been hiding for years in the United States. (AP Photo/Wally Santana, FIle )

    FILE - In this file photo from Jan. 16, 2007, motorcyclists pass by a branch of The Chinese Bank, a subsidiary of the financially troubled Rebar Asia Pacific Group in Taipei, Taiwan. Taiwan's foreign ministry has confirmed a report that a former tycoon a founder of the Rebar Asia Pacific Group Wang You-theng wanted on allegations of embezzlement and fraud was killed in a car accident in California. He had been hiding for years in the United States. (AP Photo/Wally Santana, FIle )  (The Associated Press)

  • In this photo taken from Loudlabs News video, firemen stand over the wreckage of a vehicle accident on Friday, May 27, 2016, in West Covina, Los Angeles, California, that officials say killed Taiwanese businessman Wang You-theng, former chairman of the China Rebar Group. Taiwan's foreign ministry has confirmed a report that the former tycoon Wang, wanted on allegations of embezzlement and fraud, was killed in the car accident. He had been hiding for years in the United States. (Loudlabs News, via APTN) MANDATORY CREDIT

    In this photo taken from Loudlabs News video, firemen stand over the wreckage of a vehicle accident on Friday, May 27, 2016, in West Covina, Los Angeles, California, that officials say killed Taiwanese businessman Wang You-theng, former chairman of the China Rebar Group. Taiwan's foreign ministry has confirmed a report that the former tycoon Wang, wanted on allegations of embezzlement and fraud, was killed in the car accident. He had been hiding for years in the United States. (Loudlabs News, via APTN) MANDATORY CREDIT  (The Associated Press)

Taiwan's foreign ministry has confirmed a report that a former tycoon wanted on allegations of embezzlement and fraud was killed in a car accident in California. He had been hiding for years in the United States.

Foreign ministry spokeswoman Eleanor Wang on Tuesday confirmed a report by the official Central News Agency that said Wang You-theng, former chairman of the China Rebar Group, was killed in a Friday morning crash on a California highway.

Wang founded Rebar in 1959 to build steel beams and made a fortune from the business, but when Rebar sank into financial difficulties in 2006, Wang fled Taiwan amid allegations of embezzlement and fraud, and eventually arrived in the United States, where he had lived a fugitive.